Chevron shares jump on robust outlook

San Ramon-based Chevron helped lead energy shares higher with a strong surge in its stock price Friday, fueled primarily by a positive update on its operations.

Shares of Chevron jumped 1.1 percent to finish at $117.73 Friday.

On Thursday, after the markets had closed, Chevron pointed to higher profits for its upstream operations -- exploration, development and production units -- and its downstream businesses -- refining, retailing and transportation.

Fourth-quarter earnings are coming in "notably higher" than the profits for the third quarter, Chevron said in the interim release.

Houston-based Tudor Pickering & Holt raised its fourth-quarter estimates for Chevron, which may have also helped bolster the company's shares. Tudor Pickering raised its estimate by 3 cents to $3.11 a share. The average estimate on Wall Street for Chevron in the fourth quarter is $3.04 a share.

GoDaddy, AppSense head to Sunnyvale

Sunnyvale's City Center office complex has landed GoDaddy and AppSense as new tenants, extending robust leasing for the property.

AppSense leased 22,000 square feet and GoDaddy rented 8,100 square feet, according to brokers with commercial realty firms Cassidy Turley and CB Richard Ellis.

Both companies will occupy offices in the 100 Mathilda Place building in downtown Sunnyvale.


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The office center now is 95 percent leased, the brokers said. Broadcom is the marquee tenant.

-- Staff